BRN Discussion Ongoing
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MDhere
Regular
might have been theCalled it!
e l o n s b l i n k m a y h a v e t r i e d t o w i p e t h e t a b l e o f f tt h e s e l l s i d e
which caused a temporary speedimg ticket
T h e y w i l l c o m e b a c k M o n d a y a n d t r y a g a i n t i l t h e y g e t t h e l o t..
Don't know why i put spaces in there for but felt like it. H o w d o i p u t a s e l l on a t $30 t r i e d b u t s y s t e m w o n 't l e t m e
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JDelekto
Regular
Has anyone heard anything recently about BRCHF on the OTCQX market having any imposed alerts from the SEC?
Back in February, when BrainChip announced they were DTC eligible, I no longer had to pay a $50 foreign settlement fee through my broker, Fidelity Investments.
However, recently when I attempted to purchase more shares of BRCHF, the $50 fee appeared when I went to submit the order. I end up buying in small batches, so it would make more sense to buy a larger batch for the same fee later.
I inquired with Fidelity and they stated:
For this particular security, Brainchip Holdings LTD (BRCHF) has an SEC (U.S. Securities and Exchange Commission) imposed alert, which makes the security DTC ineligible. At this time, you would incur a $50 fee to place a trade for BRCHF.
I did searches on the SEC Web site where they listed investor alerts and did not find anything related to BRCHF or BrainChip Holdings LTD, so I'm really at a loss as to why they are now DTC ineligible. I miss my free trades.
I guess it's time to send an e-mail to Investor Relations at BrainChip.
Back in February, when BrainChip announced they were DTC eligible, I no longer had to pay a $50 foreign settlement fee through my broker, Fidelity Investments.
However, recently when I attempted to purchase more shares of BRCHF, the $50 fee appeared when I went to submit the order. I end up buying in small batches, so it would make more sense to buy a larger batch for the same fee later.
I inquired with Fidelity and they stated:
For this particular security, Brainchip Holdings LTD (BRCHF) has an SEC (U.S. Securities and Exchange Commission) imposed alert, which makes the security DTC ineligible. At this time, you would incur a $50 fee to place a trade for BRCHF.
I did searches on the SEC Web site where they listed investor alerts and did not find anything related to BRCHF or BrainChip Holdings LTD, so I'm really at a loss as to why they are now DTC ineligible. I miss my free trades.
I guess it's time to send an e-mail to Investor Relations at BrainChip.
MDhere
Regular
Yep you summed it up nicely FF! and the fact that Elon said robot will be a bigger market then cars in recent TED TALK (21.48mins) and will not always use over the air (23.23min)so its kept secure (sounds a bit of an "EDGY" statement to me)
Well summed up FF.
Dyor as i am just another relatively anonymous poster
GRN-BRN
Emerged
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stuart888
Regular
Awesome JDelekto for bringing this USA Fidelity issue up. Yesterday, I went to buy more shares of BRCHF via Fidelity here in Florida. Same issue, a $50 foreign exchange fee. I was not happy, as I wanted more Brainchip! There has been no fee for months and months, and I thought it was since May 13th 2021 otc upgrade.Has anyone heard anything recently about BRCHF on the OTCQX market having any imposed alerts from the SEC?
Back in February, when BrainChip announced they were DTC eligible, I no longer had to pay a $50 foreign settlement fee through my broker, Fidelity Investments.
However, recently when I attempted to purchase more shares of BRCHF, the $50 fee appeared when I went to submit the order. I end up buying in small batches, so it would make more sense to buy a larger batch for the same fee later.
I inquired with Fidelity and they stated:
For this particular security, Brainchip Holdings LTD (BRCHF) has an SEC (U.S. Securities and Exchange Commission) imposed alert, which makes the security DTC ineligible. At this time, you would incur a $50 fee to place a trade for BRCHF.
I did searches on the SEC Web site where they listed investor alerts and did not find anything related to BRCHF or BrainChip Holdings LTD, so I'm really at a loss as to why they are now DTC ineligible. I miss my free trades.
I guess it's time to send an e-mail to Investor Relations at BrainChip.
So yes , out of no-where, the USA with Fidelity cannot buy BRCHF without a $50 fee. Which really means, a person can smartly only make larger purchases. Doing weekly smaller purchases is off the table. So I did not buy the shares I wanted to buy. It has bothered me.
Hope to get to the bottom of this, or maybe it is a temporary thing before an Elon/Brainchip partnership agreement! Great job to JDelekto! We want the USA Fidelity to buy, not stop the buying process when a big fee warning sentence pops up.
@JDelekto and @stuart888 .....Brainchip corporate most definitely needs to hear about this ASAP. It is disturbing. Can't help but but worry about this ....did Brainchip pay for DTC eligibility, I wonder? I will remain patient and wait to hear from a responsible spokesperson.
Fact Finder
Top 20
Yesterday the ASX issued a notice to Brainchip because of the sudden increase in trading volume and price. Brainchip promptly answered the notice and trading continued on the ASX.
I wonder if it is as simple as this notice being picked up by SEC and flagged following which the BRN response was noted and the flag removed by the SEC.
The trading platform Fidelity may just not have caught up.
It does seem too much of a coincidence for the ASX notice and your $50 fee not to be connected.
Regards
FF
JDelekto
Regular
I did mention to Fidelity that I did not find anything on the SEC site regarding BrainChip and asked if they could provide a link to this information. They said that they could not, but instead sent me a link to BrainChip's investor relations page.
I probably won't hear anything until after the weekend, but there must be something about the requirements that makes them ineligible. Hopefully, this is something that won't come as a surprise to them as they seemed very excited to point this out as a win for investors back in February.
I'll let you know what I find out. I'll probably be sending the e-mail to their contact in North America since they would probably be more in tune with any notices from the SEC and copy Tony so that he is aware.
I hope they get that designation back, I don't like paying such a high fee. It's kind of like the reverse situation where you pay a fee to take money out of an ATM and the less you withdraw, the more usurious the interest.
stuart888
Regular
Thanks to you. I will try to buy again on Monday morning shortly after 9:30am EST, which is the time for Florida, Miami, NY for those down under. I will report back if the $50 cost flag has been lifted.
JDelekto
Regular
That's an interesting thought. Our markets are trailing by 14 hours right now. However, I tried to purchase shares of the security around 10:00 AM EST on Thursday, and it wasn't until Friday morning that things spiked on the ASX.
Interestingly enough, one of my co-workers said he tried to also purchase more on the day before (Wednesday EST), and he too noticed that the fee was re-instated. Initially, we both thought that maybe Fidelity had done this in error since February and then "fixed the glitch", but based on Fidelity's response, it seems their DTC eligibility afforded us the waiver of the fee.
When did any type of activity occur that would have been considered a red flag to the SEC? It was certainly some time before 10:00 AM on the ASX open on Friday.
This $50 foreign exchange fee has nothing to do with ASX. Not only Fidelity, but Schwab has had this fee forever and I have been paying it. At TDAmeritrade it has been an on/off case. It’s curious post DTC arrangement, I know…maybe Ken Scarince can take it up with OTC (?)
Fact Finder
Top 20
You clearly did not understand my point. If you read JD’s post he received a response from Fidelity that the SEC has an alert on Brainchip and this is the reason they have imposed the fee.
“For this particular security, Brainchip Holdings LTD (BRCHF) has an SEC (U.S. Securities and Exchange Commission) imposed alert, which makes the security DTC ineligible. At this time, you would incur a $50 fee to place a trade for BRCHF.”
He said he checked the SEC and cannot find any reference to an alert on Brainchip.
Being an Australian investor I don’t care if it costs you $50 to buy Brainchip shares but I do care if a US institution is telling potential investors that the SEC has Brainchip on an alert list when it appears to be untrue.
I would even think that you as an investor would consider this a more important issue than the fifty dollar fee.
Regards
FF
FF, didn’t mean to sound snappy!
All I’m saying is that fee has never gone away at Schwab. And I agree, the SEC note is more likely tied to the ASX speeding ticket. I’m not worried about the SEC note, but more worried about silly speeding tickets that impede a free market.Xhosa12345
Regular
Bite me asx...
JDelekto
Regular
FF, didn’t mean to sound snappy!
One of the benefits they mentioned when they were touting the DTC eligibility back in February was that it would make it easier for investors to acquire BRCHF and result in lower fees.
If your fees haven't been lowered or waived by Schwab, then you might want to inquire with them if the DTC eligibility would have an effect (assuming that it resumes at some point).
I appreciated the ability to buy with no fee in small batches because I could allocate a portion of my paycheck and then pounce when the price was right.
As it is now, my purchasing with be further and few between.
D
Deleted member 118
Guest
Im probably completely wrong, but has anyone thought that maybe those x amount of shares that were being held and traded on https://www.otcmarkets.com/stock/BCHPY/quote#trade-data. Have all no been gobbled up? So there having to be purchased elsewhere again hence the fee.
Maybe that’s why the rise in share price the last 2 days as they are trying to top up again
42 million shares have been brought over the last 2 days with a recently average off 6 million shares traded daily, hence 30 million shares have been gobbled up for some reason
Original amount purchased was 50 million so maybe they have to top up when it gets down to 20 million or even better that have run dry so still need another 20 milllion shares
@Fact Finder maybe you can take a look to see if there is anything in here to back up my theory in section 4.8 as it means nought to me
Brainchip Holdings Limited/adr Registration statement for American Depositary Receipts representing securities of certain foreign private issuers F-6
Security and Exchange Commission SEC Brainchip Holdings Limited/adr Form F-6
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Fact Finder
Top 20
By the way I would actually prefer you did not have to pay the fee but Brainchip works in a space where it’s integrity and reputation need to be beyond reproach and so I react strongly when what appears to be a bureaucratic error can create a rumour that might reflect badly on the company.FF, didn’t mean to sound snappy!
It is one thing for an incompetent or corrupt ASX regulator to issue a price and volume notice when it was not required but it is another thing to have a notation that Brainchip is on an SEC alert without any explanation as to whether it is because of the CEO’s bad haircut or something less serious.
We know that Brainchip is working with DARPA & NASA and global tensions are at extreme levels. Now is not the time for bureaucrats to make errors that could delay or derail the progress of contract negotiations.
My opinion only DYOR
FF
AKIDA BALLISTA
Fact Finder
Top 20
Ok.
I have just received advice from the CFO Ken Scarince that Brainchip has not received any notifications from the SEC.
He is currently chasing up with Fidelity as to what has occurred and is also contacting the SEC and those who sponsored the upgrade.
He will let me know when he establishes why Fidelity made this statement to JD.
Regards
FF
I have just received advice from the CFO Ken Scarince that Brainchip has not received any notifications from the SEC.
He is currently chasing up with Fidelity as to what has occurred and is also contacting the SEC and those who sponsored the upgrade.
He will let me know when he establishes why Fidelity made this statement to JD.
Regards
FF
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